EFTA01459569

U.S. Dollar Downshifting its Pace Dollar in Tightening Cycle 25% 20% 15% 10% 5% 0% -5% -10% 4 -15% -20% 0 20 40 60 80 100 120 140 160 180 200 220 240 - 12/1/1976 8.7 1980 3/27/1984 -^^12/16/1986 - 3/29/1988 241994 6/30/1999 6002004 Start of Cycle •larn +3arn +6arn •9arn •12arn 12/1/1976 -2.2% -1.2% •1 7% -2.0% -4.9% 8/7/1980 -1.1% 2.0% 4.6% 10.5% 19.7% 3/27/1984 2.0% 5.8% 10.4% 13.1% 14.2% 12/16/1986 -5.3% -7 1% -8.6% .93% -16.4% 3/29/1988 0.0% 5.6% 7.1% 1.8% 6.1% 2/4/1994 -0.9% -2.4% -4.5% -7.3% -5.2% 6/30/1999 -2.0% -4.3% -3.3% -0.9% 0.4% 6/30/2004 0.5% -2.4% -9.1% -7.5% -2.3% 1- e I u Avenge -1.1% -0.5% *OS% -0.2% 1.4% I i i Median -1.0% -LS% -2.5% -1.4% -0.9% J I. J Footnotes: Time period is considered a tightening cycle when the Fed raises rates three or more consecutive times. The tightening cycle is considered over al the last rate hike. # of days is calendar days. Source: FactSt4, Deutsche Bank Wealth Management Deutsche Bank Wealth Monilgernent Tightening Trends Nov 76 Nov 82 Aug 86 Sep 92 Nov 98 Jun 03 May 81 Aug 84 May 89 Feb 96 May 00 Jun 06 2016 JPN Yes No Yes No No Yes EU Yes Yes Yes No Yes Yes CAN Yes Yes Yes Yes Yes Yes GBR Yes Yes Yes Yes No Yes CHE Yes No Yes No Yes Yes AUD Yes Yes Yes Yes Yes Yes NZL N/A NA Yes Yes Yes SWE Yes Yes Yes Yes Yes Yes NOR Yes Yes Yes No Yes Yes Easing Easing No Possibly No No Easing No Easing Total 8 6 8 5 7 9 1 - Historically, global central banks move in tandem when raising interest rates. — However, in the onset of this tightening cycle, only one other central bank (BoE) appears to be ready to hike interest rates in 2016. Foomotes Data as of December 2015. SCHirCe. NUISChe Bank Global Markets, Deutsche Sank Wealth Management 16 CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 120065 CONFIDENTIAL SDNY_GM_00266249 EFTA01459569